Caragele natural gas reserve , the most important natural gas discovery after 1989

The Caragele natural gas reserve is expected to yield between 25 and 27 billion cubic metres, as this is the most important natural gas discovery after 1989, Prime Minister Sorin Grindeanu said last Friday.

He pointed out that this and similar projects are designed to turn Romania into an energy hub. "I wanted today to come here at Caragele with other colleagues from the Government to see the new formation. This is a very important site that will develop in the years ahead to yield somewhere between 25 and 27 billion cubic metres of gas, the most important such discovery after 1989," Grindeanu said Friday at Caragele, the site of a natural gas formation mined by Romgaz.

He added that as far as the volume of the Caragele natural gas reserve is concerned, "its exploitation would secure Romania's energy independence for two-three years."

"I certainly want us to encourage such projects, and we are talking here about Romgaz, a corporation that is hundred percent Romanian, not that this would necessarily matter, but we are encouraging such actions for two reasons: first to secure our country's energy independence, which is very important; secondly, because we want to develop more energy projects that will turn Romania into a regional energy hub. These are highly important two things, and I would conclude by telling you that we have to get out of this vicious circle. It is a circle generated by our impotence over the last years to exploit natural resources. Far too often we have said we can, but we could not capitalise on that. Ours is a rich country that, when it comes to exploiting natural resources, the riches of this country, would not know how to capitalise on then to benefit the citizens. Hopefully, the signal we are sending today as a government and the Romanian Parliament will be an important one to the industry," added Grindeanu.

Also attending the opening of the new Romagaz natural gas exploitation site were Chairman of the Romanian Senate Calin Popescu-Tariceanu; Economy Minister Mihai Tudose; Energy Minister Toma Petcu; Romgaz executives and Speaker of the Chamber of Deputies Liviu Dragnea.